On March 13, the China Passenger Car Association (CPCA) released the latest data showing that the cumulative retail sales of new energy passenger vehicles in China’s new energy market from January to February 2026 were 1.06 million units, a year-on-year decrease of 25.7%; among them, the retail sales of new energy vehicles in February were 464,000 units, a year-on-year decrease of 32% and a month-on-month decrease of 22.1%, indicating that the new energy vehicle industry is facing short-term downward pressure.
Data show that the decline in new energy vehicle sales is mainly affected by multiple factors: first, the Spring Festival holiday led to a month-on-month decline in sales in February, coupled with the high base in the same period last year, the year-on-year decline expanded; second, the withdrawal of new energy vehicle subsidy policies in some regions led to a decline in consumers’ willingness to buy cars; third, the intensification of industry competition, and the price reduction and promotion of traditional fuel vehicles have formed a certain squeeze on new energy vehicles.
In terms of corporate dynamics, there have been frequent cooperation and adjustment actions in the new energy vehicle industry recently. Market news shows that Stellantis is negotiating with Xiaomi and Xpeng on European business cooperation, trying to expand the European market with the technology and channels of Chinese automakers; Xpeng Motors’ U.S. stock price once rose by 5.4%, becoming one of the outstanding Chinese concept stocks on the day.
Industry experts said that the long-term positive trend of the new energy vehicle industry has not changed, and the short-term sales decline is a phased adjustment. With the acceleration of new energy vehicle technology iteration, the continuous improvement of charging infrastructure, and the continuous policy support for the new energy vehicle industry, the industry is expected to gradually recover growth. It is recommended that enterprises focus on technological innovation, improve product competitiveness, and cope with market fluctuations.
